All Forum Posts by: Ryne Sweeney

HELOCs are an option. Homebridge has an option that closes in 5 days and charges you 2% of the loan in fees. Its by far the easiest and fastest to do. No appraisal and you sign initial docs and 5 days later you sign closing docs. The rates suck, though. double digits think 11-14% depending on FICO and LTV. But the payment is interest only for the draw period. So think of it as a short term fix to get into other properties that can generate cash flow.

Another thing is that the lender can call the loan due in 30 days. It happened around 2008, but no one is expecting them to do it now...

C/O refinances are an option unless you have a rate sub 5%. Then it doesnt make sense. 

Local credit unions are your best friend. The process will suck, but they are pretty much the only option that will get you single digit interest rate home equity lines. Well, them and SpringEQ, but SpringEQ will be 9% or higher most likely. 

You can do a rate and term refi with no seasoning as long as there is a tangible benefit i.e. lower payment, no balloon payment, or lower rate...

If you pull cash out then lenders require 6 months seasoning.

You will have a lower LTV limit if the property is unrented as well. Keep that in mind. For reference a 80% LTV DSCR refinance could start in the 9%+ range.

Yeah I  know Im replying late, but I have a couple of lenders that do 15% down on an investment purchase. The rate is not pretty but it can be down to get started.

 I have someone that told me they are doing a 2nd on investment properties right now. They are in orange county

 Did you go with either of these? I am looking at Geodata Plus right now. I know you posted this 4 years ago, but I figure I'd give it a shot!

Hi Gerald, 

I can help. We're local based in Playa Vista. He going full doc or cash flow?